Israel Acquisitions Corp (IAC), a Cayman Islands-based blank check company, reported net income of $2.8 million for the fiscal year ended December 31, 2024, compared to $6.1 million in 2023. This decrease resulted from increased operating expenses, including listing fees ($195,000 in 2024 versus $23,000 in 2023), administrative expenses ($137,000 versus $230,000), legal and accounting expenses ($748,000 versus $534,000), and insurance expenses ($240,000 versus $248,000), partially offset by higher dividend income on marketable securities held in the trust account ($4.2 million versus $500,000). IAC had no operating revenues during either period.
Significant changes occurred during the year, including the termination of a business combination agreement with Pomvom Ltd. in August 2024 and the subsequent execution of a new business combination agreement with Gadfin Ltd. in January 2025. Gadfin, an Israeli technology company specializing in hydrogen-powered drones for cargo delivery, is expected to receive approximately $200 million in NewPubco Ordinary Shares upon the completion of the transaction, contingent upon Gadfin achieving at least $4.5 million in deferred revenue by the closing date. The Company also extended its deadline for completing an initial business combination to January 18, 2026, incurring additional expenses related to these extensions.
As of December 31, 2024, IAC had 1,560,432 Class A ordinary shares and 4,791,667 Class B ordinary shares issued and outstanding. The company also had $21,257 in cash and cash equivalents outside of its trust account and a working capital deficit of $1.4 million. The trust account held $82.6 million in marketable securities at year-end, primarily U.S. government securities. A significant redemption of Class A ordinary shares occurred in January 2025, reducing the trust account balance by $73.1 million.
IAC's management team consists of Ziv Elul (CEO), Sharon Barzik Cohen (CFO), and several other directors with extensive experience in the Israeli technology sector and mergers and acquisitions. The company's advisory board also includes several individuals with experience in SPACs and the Israeli tech industry. The company's financial statements include a discussion of various risks associated with its business model, including the possibility of not completing a business combination by the extended deadline, resulting in liquidation and the return of funds to shareholders.
IAC's outlook is contingent upon the successful completion of its business combination with Gadfin. The company's ability to secure additional financing if needed to complete the transaction or fund operations post-combination is also a key factor in its future prospects. The filing includes extensive disclosures regarding potential conflicts of interest and related party transactions, as well as the terms and conditions of the business combination agreement and shareholder redemption rights.
About Israel Acquisitions Corp
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